Afternoon resources round-up

Stanmore Coal
completed the pre-feasibility study for its wholly-owned The Range Project in Queensland’s Surat Basin. It follows on from the Conceptual Mining Study completed in September 2010 and confirms the project’s technical and commercial viability.

CUDECO (CDU)

CuDeco
reports preliminary final pit designs for the Rocklands Group Copper Project are nearing completion, subject to minor fine-tuning adjustments. Production bore and monitoring bore locations have been designed for the first stage of the project.

Beadell Resources says its strategy for gold production next year at Tucano is on track.
AFR

OM HOLDINGS (OMH)

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OM Holdings
has approved the definitive feasibility study for development of the ferro alloy smelting project in Sarawak, Malaysia. Production is expected to start no later than the first quarter of 2014 with full commercial capacity to be reached no later than the second quarter of 2015.

PLUTON RESOURCES (PLV)

Pluton Resources
announced an update from Inferred to Indicated Mineral Resource reported in accordance with the JORC Code for the Hardstaff Peninsula on Irvine Island, incorporating latest available Phase II drilling results. Global Indicated Mineral Resource tonnes now stand at 543Mt for the Hardstaff Peninsula.

BEADELL RESOURCES (BDR)

Beadell Resources
says the first drawdown for $US30 million ($28.9 million) from its $US90 million project finance facility has occurred, “as we continue unabated to make good on our strategy to commence gold production at Tucano between April and June 2012".

DWS ADVANCED BUSINESS SOLUTIONS (DWS)

DWS Advanced Business Solutions
has entered a JV with Boreal Information Strategies Australia to establish a new Australian company to provide consulting services to the mining, oil and gas industries on Borealis solutions.

DAMPIER GOLD (DAU)

Dampier Gold
released further results from its reconnaissance RAB/aircore program targeting 16 priority prospects. An extensive copper anomaly (+300ppm Cu) was outlined from reconnaissance RAB drilling at the Apex prospect. A 250m-long gold anomaly was defined from RAB/aircore drilling at the Colossus prospect.

CHINA MAGNESIUM CORPORATION (CMC)

China Magnesium Corporation
has agreed to buy a stand-alone, profitable ferrosilicon producer in China’s Ningxia province. The purchase price of around $6 million is intended to be funded by a combination of debt and equity.

EAGLE NICKEL (ENL)

Eagle Nickel
has entered a placement agreement with Shanghai Sky Chem Industrial, a privately owned chemical importing and distribution company, to support the future growth of ENL through the acquisition and development of advanced gold, silver and rare earth element assets.

MEO AUSTRALIA (MEO), CUE ENERGY RESOURCES (CUE)

MEO Australia
advises that its participating interest in the WA-360-P exploration permit will increase to 62.5 per cent following renewal of the permit, which is due to expire January 31 2012. The remaining 37.5 per cent participating interest will be held by
Cue Energy Resources
.

AUSTIN EXPLORATION (AKK)

Austin Exploration
reports oil production from its Kentucky JV has risen to more than 30 bopd. Production in 2010 averaged 1 bopd.

GBM GOLD (GBM)

GBM Gold
reports “excellent" results from Phase 1 Daly Reef drilling at the Inglewood project, which returned significant widths and grades for this potential open pit, in line with the exploration target parameters announced earlier of 250,000t for 13,000-26,000oz (grade range of 2-3g/t) down to 50m.